Wednesday, March 21, 2012

MCX, MCX Tips and Copper Updates For Today

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MCX Gold Silver Tips

Despite the support of currency gold remains below Rs 28,000. What is certain is that the market analysts were talking of last year, gold up, gold down in the target are the same today. So the big question now arises whether gold is down gracefully.

Gold prices are witnessed a bounce back from the support at 27700-750, as long as prices are holding above 27700 on closing basis prices are expected to trade positive.

Silver prices have broken the important support at 57000 on closing basis,which seems to be negative for the white metal. One should sell on rise around 56800-57000. we recommend to exit long position. Oscillators are heading down.

Trading Call: Buy MCX Gold above 27850 level with a stop loss of below 27700 level to get target of 28100 levels.

Trading Call: Sell MCX Silver below 56800 level with a stop loss of above 57200 level for targets of 56000 levels.

Copper Updates

Copper prices are hold the support at the middle Bollinger band. Prices are expected to test 435 -436 on higher end. Maintain a stop loss below 426. Oscillators are in positive territory. Our Technicle report suggest that prices have reversed after taking support at 428 levels. Stochastic is in a buy mode. We expect prices to go up to levels of 435.

Trading Call: Buy MCX Copper above 431 levels with a stop loss placed below 428 levels for targets of 435 levels.

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